Combines 4 popular indicators (RSI, Stoch, SRSI, MFI) and 1 peculiar one (Aroon) in 1 for those who want to save indicators but not only. This is an evolution of my (simpler) "RSI / Stoch / Stoch RSI (SRSI) Overlay [SigmaDraconis]" that you can find on my scripts.
Added bands for oversold/overbought areas (70/30 common for RSI and 80/20 for SRSI and MFI), as well as a middle 50 horizontal line.
Neutral bands around 55-45 added as well that can be hidden for less clutter. I also recommend a more transparent coloring for these since Pine script doesn't allow default transparency for horizontal lines.
By default only RSI and Stoch are activated, you can activate Aroon, MFI and SRSI on the inputs window.
Some extra notes: * RSI, Stoch and MFI can help to strengthen one's decision as well as Aroon to predict a possible trend reversal, SRSI can show when RSI has high probability of being topped or bottomed when oversold/overbought but don't forget to look at volume and how the trend progresses that can keep SRSI above 80 or below 20 while RSI and price continues to trend, divergences are most helpful here to find possible reversal areas. * This chart depicts some interesting divergences, as well as Stoch tops and bottoms and confluences between RSI/MFI and Stoch on some over-extended tops and bottoms that shown being good reversal zones. RSI resistances are shown as well, failing to break above 60 or the neutral zone (this is a bearish BTC trend chart after all) or failing to gain support to break up certain levels (RSI notes a more bullish trend when consistently above 60 and more bearish below 40).
If you like it and use it to profit, please tip me below :)
@theodorejuliano, what's the joke? The indicator set? The chart? Both?
I take critics seriously, so if something's wrong, I would like to understand why.
thecableguy303
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AWESOME set-up, man! ThANKS a lot! Just hope my eyes will stay strong)))))) but the indicator set-up is very very useful!
It's very funny to read comment such as "where's the signal to buy/sell?!" :)))))))
SigmaDraconis
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@thecableguy303, hehe, it's fair to think they are signals, I never ser buy and sell signals because I don't want to be responsible for someone blindly following a bunch of statistical indicators, those might indicaste a good probability of something happening but there a lot of other indicators that can influence price action.
It's better to study the markets and use these tools to try to support a decision rather than let them decide for yourself when to buy or sell ;)
paulconti
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Hi SigmaDraconis, sorry for my stupid question.Meantime I succeed to implement in PineEditor.
Thanks for sharing!
SigmaDraconis
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@paulconti, No problem, there are no stupid questions, it was actually an interesting one, although I don't use MT4 I did a quick search on Pine-to-MT4 code migration but didn't find anything I could use.
yangsster
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What a kind gentleman with this great scrip ! Thump up to you!